What is Polkadot (DOT)?
An open-source multichain sharing protocol, Polkadot was created to facilitate communication between multiple blockchains. For this, an ecosystem of interconnected sub-blockchains is necessary, as they are all in one place.
The project’s objective is to provide interoperability and establish, at the same time, a decentralized and private network. Today, the structure of Polkadot is composed of 3 fundamental items:
1 – Parachains: parallel chains that process transactions and transfer them to the main blockchain;
2 – Retransmission chain: central component that connects the parachains, ensuring protocol security;
3 – Bridges: links that connect Polkadot to blockchains of other networks.
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FAQ: Frequent asked questions about Polkadot (DOT)
Who created Polkadot (DOT)?
After leaving Ethereum in 2016, Gavin Wood, one of its co-founders, went to work on a relatively simple sharding of the network, launching it in October of that same year. Following that move, Wood teamed up with Peter Czaban of Parity Technologies and founded the Web3 Foundation (W3F) in 2017, a space that oversees Polkadot's research and development. Despite being launched more than 4 years ago, the Polkadot project is still in constant development.
Why is Polkadot unique?
The main difference that Polkadot has from other cryptocurrency projects is the fact that it can link different blockchains in one place. Originally, a blockchain was not structured to connect to others. However, with the Polkadot protocol, this is not only possible but also extremely functional, as the network does not have some basic functionality, such as smart contract processing, it can carry out transactions very quickly, ensuring agility to its users.
How many Polkadot (DOT) are there?
In August 2020, Polkadot was redenominated, which influenced the amount of existing DOTs. With that, currently, there is the amount of 1 billion DOT tokens. This redenomination happened to avoid the use of small decimal places, thus facilitating the calculation of the entire system. In other words, for every 1 DOT a person had, he now has 100. At the time of the change of name, Polkadot itself made a publication explaining that this movement would not impact the economy of the ecosystem, which is very relevant information for users of the network.
Is Polkadot (DOT) Safe?
Polkadot uses a working mechanism called Nominated Proof-of-Stake (NPoS) to select validators and nominators, which must necessarily be DOT holders. With a system focused on the user, Polkadot only works if the validators or nominators allow transactions, which guarantees greater protection to the network, in addition to eliminating those with bad behavior.
How to buy Polkadot?
You can buy Polkadot (DOT) at any exchange that owns the currency. Monnos is a Cryptobank with a large amount of cryptos available for trading, with more than 70 assets listed in our market. The cryptocurrency purchase process was made for those who do not yet have experience in this market and who wish to position themselves in crypto.